Rally in WTI crude oil continues today and hit another 7-year high at 85.26. Upside momentum remains strong as seen in daily MACD. Further rally is expected to 61.8% projection of 33.50 to 77.16 from 61.90 at 88.88. Nevertheless, considering overbought condition in daily RSI, we’d look for topping signal around there to bring pull back. Meanwhile, break of 8.36 support will argue that a short term top is formed and turn WTI into correction first.
